A 12 months in the past Floyd Mayweather, Jr. stood onstage defending his former funding supervisor and confidante, Jona Rechnitz.
“I belief Jona — not simply 10 %, 20 % — one hundred pc,” Mayweather instructed a crowd at The Actual Deal’s 2025 New York Metropolis discussion board.
Now Mayweather has launched a lawsuit towards Rechnitz accusing him of fraud and diversion of $175 million.
Mayweather’s partnership with Rechnitz, a convicted felon turned informant, raised eyebrows within the business since Mayweather started his foray into New York Metropolis actual property in 2024.
Rechnitz, who pleaded responsible to a corruption cost for bribing New York Police Division officers in 2016, and Mayweather, a boxer with a 50-0 document, have been an odd pair.
With Rechnitz in Mayweather’s nook, the boxer went on a headline-grabbing acquisition spree in New York Metropolis, Chicago and Miami. This included a purported $402 million acquisition of a 1,000-unit inexpensive rental portfolio in New York Metropolis and a $100 million funding in Meyer Orbach and Josh Gotlib’s luxurious Manhattan leases.
However these offers by no means materialized. Mayweather solely acquired a small proportion of curiosity within the 1,000-unit portfolio with an possibility to accumulate extra over time, Enterprise Insider reported. Within the luxurious rental portfolio, Mayweather made solely a small fairness funding, which has since been liquidated, in accordance with sources aware of the matter.
In Miami Seaside, Mayweather went underneath contract in late 2024 to purchase a stake within the former Versace Mansion from Eli Gindi. However Mayweather failed to shut on the deal and his deposit was returned, sources aware of the matter just lately instructed TRD.
Now, in a lawsuit filed this month, Mayweather blames his actual property troubles on his former companion.
The boxer alleges in his lawsuit that Rechnitz offered a false image of the offers he was supposedly investing in. As an illustration, Mayweather alleges Rechnetz instructed him he can be buying the whole 1,000-unit portfolio, not a minority curiosity, in accordance with the lawsuit.
Mayweather additional alleges Rechnitz gained entry to his jewellery and personal jets. Mayweather alleges Rechnitz brought about Mayweather to promote his Gulfstream jet to an unknown purchaser for an unknown quantity. He additionally claims Rechnitz diverted $15 million in funds associated to an funding in SL Inexperienced.
Mayweather named Rechnitz’s alleged affiliate Ayal Frist and Alexander Seligson, a New York Metropolis legal professional, as defendants.
Rechnitz’s legal professional Morris Missry denied Mayweather’s allegations, claiming that the boxer had “playing points, prolific spending habits, monies owed to 3rd celebration collectors and IRS tax liens.”
Right here’s a timeline of how we obtained right here:
October 2024:
Mayweather enters the true property limelight. TRD reported on the time that Mayweather went underneath contract to accumulate a 1,000-unit inexpensive housing portfolio of greater than 60 inexpensive housing buildings for $402 million, citing sources aware of the deal. It was among the many largest residential offers of the 12 months.
“This buy holds deep emotional significance for me and my household,” Mayweather stated in an announcement on the time. Mayweather has beforehand stated he lived “seven deep” in a one-bedroom in New Brunswick, New Jersey, as a toddler.
November 2024:
Information of Mayweather actual property investments begins to ramp up.
First, Mayweather’s Vada Properties agreed to put money into 601W Corporations’ $10 billion workplace portfolio. The properties included: Amazon-anchored 410 10th Avenue in Hudson Yards; the Aon Center and Old Post Office Constructing in Chicago; and Jersey Metropolis’s Harborside workplace advanced, TRD beforehand reported. On the time, Mayweather’s funding was meant to go towards repositioning belongings and new acquisitions, 601W Corporations Mark Karasick stated.
Then, Mayweather unveils plans to speculate $100 million right into a $3 billion enterprise with Meyer Orbach and Josh Gotlib’s Go Companions, according to TRD. Go Companions portfolio included high-end leases like The Copper, twin residential towers in Murray Hill that have been bought for $850 million in 2021.
The deal was anticipated to shut by the primary quarter of 2025. Mayweather, nevertheless, solely invested a small quantity, however by no means despatched over extra funds. His fairness place was finally liquidated, in accordance with sources aware of the matter.
Lastly, Mayweather told TRD that he went underneath contract to accumulate a big stake within the former Versace Mansion in Miami Seaside from co-owner Eli Gindi. The Miami Seaside mansion was the previous residence of Italian clothier Gianni Versace and was transformed right into a luxurious boutique lodge with a restaurant, spa, pool, lounge and occasion house.
It seems Mayweather solely put up a deposit and did not pay the remaining stability. The deal by no means closed and his deposit was returned, in accordance with a supply aware of the matter.
December 2024
Mayweather rented an condominium on the Baccarat Resort and Residences for $100,000 a month, the New York Post reported. The 4,178-square-foot unit spanned the 18th and nineteenth flooring of the Midtown constructing.
March 2025
Enterprise Insider runs the primary in a collection of tales about Mayweather’s investments. The story revealed that Mayweather’s 1,000-unit deal by no means hit property data and there was no proof of it occurring. Mayweather subsequently sues Enterprise Insider for defamation.
Could 2025
The Atavist Journal revealed a feature on Rechnitz’s run-in with the regulation. The story highlighted Rechnitz’s quite a few lawsuits within the 2020s, when he moved to L.A. and ran a jewellery enterprise. Of the 13 fits filed towards Rechnitz or his corporations, many have been settled, Atavist reported. In two fits, the courtroom dominated towards him, the publication reported.
Mayweather and Vada Properties CEO Ayal Frist spoke at TRD’s annual New York Metropolis discussion board. A lot of the dialog centered on Rechnitz. Mayweather defended Rechnitz over his previous and referred to Rechnitz as “one of many key items to the puzzle.”
Mayweather stated his connections in actual property prolonged past Rechnitz.
“I make sure connections as a result of I’m not like every other athlete,” he stated.
He shaped relationships with SL Inexperienced’s Andrew Mathias and Marc Holliday and Wharton Properties’ Jeff Sutton, with out Rechnitz’s assist, Mayweather stated.
Mayweather additionally shot again at claims on social media that he was bankrupt.
“If we name having two personal jets, proudly owning 100 buildings, having the ability to do what you need to do — if that’s bankrupt, then I’m fairly certain everyone needs to stay like that,” he stated.
Mayweather briefly spoke about his defamation lawsuit towards Enterprise Insider.
“I’m not a liar,” Mayweather said. “I work exhausting to construct my identify and construct my status.”
February 2026
Lawsuits begin piling up towards Mayweather over unpaid payments. One lawsuit alleged he owed over $330,000 in hire on the Baccarat Resort and Residences. A Miami jeweler alleged Mayweather owed $1.38 million for watches and gold chains he bought.
Could 2026
Mayweather hires New York Metropolis-based chapter and industrial litigator Leo Jacobs to file a lawsuit towards Rechnitz, Frist and Seligson, searching for an accounting of the $175 million. Rechnitz had not filed a response but.
Learn extra
Floyd Mayweather hits Jona Rechnitz with fraud lawsuit, alleges diversion of $175M
“I trust Jona”: Floyd Mayweather defends associate accused of theft by former business connections
